Daily News Wrap | Indian indices rise in early trade; No holiday on Independence Day in UP

Daily News Wrap | Indian indices rise in early trade; No holiday on Independence Day in UP

Also, Indian Railways introduce special trains for Kanwar Yatra; Acute fund crunch forces TN tea plantation corporation to halve cultivation

National

No holiday in UP on Independence Day this year

For the first time, schools, colleges, universities, government, non-government offices and most importantly, markets will remain open on Independence Day.

Uttar Pradesh Chief Minister Yogi Adityanath has said that this Independence Day will be celebrated as a special event this year in each district as it is the 75th year of Independence.

The Chief Secretary said that a special sanitation drive would be carried out on this day, and plans for it to become an annual affair.

Indian Railways introduce special trains for Kanwar Yatra

Indian Railways has made elaborate arrangements for devotees of the Kawar Yatra and has extended the two trains' run until Haridwar.

The Northern Railways will also add coaches, and stoppages and extend the routes of five pairs of trains on a temporary basis. Delhi- Saharanpur and Delhi- Shamli passenger trains will operate till Haridwar.

In addition to this, three trains have been prepared by the railways due to the increase in the number of Kavad passengers.

A special train will also be operated and long route trains will halt at Raiwala and Motichur stations for the commuters. The trains that will halt at Raiwala and Motichur railway stations for the convenience of the devotees include the Doon- Subedarganj express, Doon- Ujjain express Doon- Indore express, Rishikesh- Kochuveli express, Vaishno Devi Katra- Rishikesh express and Rishikesh- Badmer express.

A mela special train will be operated daily between Moradabad and Luxar in Haridwar which will pass via Kaanth, Sentara, Dhampur, Nagina, Nazibabad, Mauzzampur and Balawali.

Acute fund crunch forces TN tea plantation corporation to halve cultivation

The Tamil Nadu Tea Plantation Corporation (TANTEA) which was cultivating tea in an area of 10,000 acres has cut short its cultivation to half in the wake of an acute financial crisis.

According to sources, the organisation was reeling under financial crisis and the only possibility of saving it is to reduce its plantation area to half. The overheads and other expenses can be brought down if the plantation is cut short to half.

Corporation officials said it made ₹30 crores in profits in 1997-98, ₹35 crore profit in 1998-99 which dipped to ₹7 crores in 2020-21. According to officials, the accumulated loss of the corporation is around ₹240 crore.

It may take six months to one year for the company to be back on track and has asked for ₹29 crores in assistance from the state government.

Business

Indian tech sector helped US generate $103 billion in 2021

The Indian tech industry generated $103 billion in revenue and directly employed 2,07,000 people in the US last year, with an average wage of $106,360 -- witnessing a 22 per cent employment growth since 2017, a new Nasscom report showed.

The direct impact of the Indian tech industry has helped the US economy generate a total of $396 billion in sales to date. It has supported 1.6 million jobs and contributes to over $198 billion of the American economy -- larger than the combined economies of 20 US states in 2021.

The Indian technology companies have contributed over $1.1 billion and developed partnerships with nearly 180 universities, colleges, community colleges, and others to strengthen and diversify the STEM pipeline in the US.

In addition, over 2,55,000 current employees have been upskilled by the sector, the report noted.

Finance

Indian indices rise in early trade, most Nifty 50 stocks in green

Indian stocks indices on Thursday opened with minor gains, mainly due to value buying after recent losses. A decline in global crude oil prices also supported the indices.

A less than expected decline in indices in the US after the country reported steeper consumer inflation in the month of June also buoyed stocks back in India, said, analysts.

Sensex was at 53,747.73 points, up 233.58 points, whereas Nifty was at 16,036 points, up 69.35 points. Among the Nifty 50 companies, 43 were in the green in early trade.

Sri Lanka's Central bank warns public on possible risks in crypto trade

The Central Bank of Sri Lanka has put out a warning of the possible exposure to significant financial, operational, legal, and security-related risks posed by investments in virtual currencies. Essentially cryptocurrencies, while asking citizens not to fall prey to such types of virtual schemes offered through the Internet.

The advisory has been put out considering the recent developments in relation to virtual currency used in the international and domestic markets as well as the inquiries related to it. Virtual currencies are largely unregulated digital representations of value that are issued by private entities and can be electronically traded.

CBSL has not given any license or authorization to any entity or company to operate schemes involving VCs, including cryptocurrencies, and has not authorized any Initial Coin Offerings (ICO), mining operations or Virtual Currency Exchanges," the Sri Lankan central bank said in a statement.

International

South Korea, US stage combined drills involving F-35As amid North Korea threats

JUNG YEON-JE

South Korea and the United States have been conducting their first combined air drills here involving their respective F-35A stealth fighters, Seoul officials said Thursday, in an apparent show of force against North Korea's evolving military threats.

The four-day drills kicked off Monday amid lingering concerns that Pyongyang could ratchet up tensions by conducting what would be its seventh nuclear test or other provocative acts, Yonhap news agency reported.

The allies have mobilised some 30 aircraft, including South Korea's F-35A, F-15K, KF-16 and FA-50 jets, and US assets, like F-16 jets. Six US F-35As arrived here last week to join the drills in the first public deployment of America's stealth warplanes here since late 2017.

Technology

Nintendo acquires CG production firm Dynamo Pictures

Japanese gaming giant Nintendo announced that it has acquired CG production company Dynamo Pictures for an undisclosed sum.

The company will rename Dynamo "Nintendo Pictures," and the new subsidiary will "focus on the development of visual content utilising Nintendo IP and the planning and production of visual content including CG animation."

Nintendo told shareholders that it is acquiring 100 per cent of the outstanding shares of Dynamo Pictures, which will become a wholly-owned subsidiary of the video game company. The company expects the acquisition to close on October 3, 2022.

The acquisition comes as Nintendo plans an animated movie based on the Super Mario Bros franchise starring Chris Pratt.

Sports

India announce squad for West Indies T20Is

The Indian Cricket team announced an 18-man squad for the T20I series against West Indies, beginning on July 29 in Trinidad with big names -- Virat Kohli, Jasprit Bumrah and Yuzvendra Chahal -- missing out.

The squad will be led by Rohit Sharma while KL Rahul and Kuldeep Yadav, who had missed the home series against South Africa due to respective injuries, have made their comeback. However, their inclusion in the squad is subject to fitness.

Hardik Pandya and Rishabh Pant, who have been rested from the ODI leg, will play the T20Is. The squad also sees the return of veteran off-spinner R Ashwin.

India's squad for 5 T20Is: Rohit Sharma (Captain), Ishan Kishan, KL Rahul, Suryakumar Yadav, Deepak Hooda, Shreyas Iyer, Dinesh Karthik, Rishabh Pant, Hardik Pandya, Ravindra Jadeja, Axar Patel, R Ashwin, Ravi Bishnoi, Kuldeep Yadav, Bhuvneshwar Kumar, Avesh Khan, Harshal Patel, Arshdeep Singh.

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